The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1887-06-03


cities shall be paid to the state treas
urer on or before the second Monday
of August, and that county officers
shall receive the same compensation
as they are entitled to under existing
laws.
Section 20 enacts that every nation
al bank within the commonwealth shall
annually on March l report to the
auditor general the number of shares
of capital stock issued by it and their
actual value; the auditor general shall
then assess the same for taxation at
the rate of 3 mills upon each dollar of
the actual value thereof, which shall
be paid within thirty days to the state
treasurer. If any bank shall fail to
make such return the auditor general
shall endeavor to ascertain the actual
value of each share of the capital stock
and add so per cent thereto.
Section 21 provides that hereafter
every limited partnership, bank or cor
poration doing business in the COM
monwealth under its laws, or organ,z-
ed under those of any other state, must
before going into operation register in
the office of the auditor general, the
name of the institution or company,
the date of incorporation or organiza-
ton, the act of assembly or authority
under which formed, incorporated or
organized, the place of business, the
postoffice address, the names of the
president, chairman, secretary and
treasurer or cashier, and the amount
of capital authorized by its charter,
aud the amount of capital paid into
the treasury. Failure 10 do this with
in ninety days from the passage of the
act will be punished by penalty of
$500.
By section 22 it is provided that
hereafter, except in the case of banks
and foreign insurance companies, every
limited partnership and corporation
doing business in and taxable within
the commonwealth shall annually in
the month of November report ID the
auditor general the total authorized
capital stock, the whole number of
shares of stock, the number of shares
of stock issued, the par value of each
share, the amount of capital paid ip,
the date, amount and rate per centum
of each AMI every dividend made or
declared during the year ending with
the first Monday in said month, and in
all cases where any such limited part
nership or corporation shall fail to
make or declare any dividend upon
either its common or preferred stock
during the year ending as aforesaid, or
in case the dividend or dividends made
or declared on either its common or
preferred stock during the year ending
as aforesaid shall amount to less than
S per centum upon the par value of
the said common or preferred stock,
the treasurer and secretary thereof,
after being duly sworn Or affirmed to
do and perform the same with fidelity,
according to the best of their knowl.
edge and belief, shall, between the lst
and 18Th days of November of each
year in which no dividend has been
made or declared as aforesaid, or in
which the dividend or dividends made
or declared upon either its common or
preferred stock amounted to less than
5 per centum upon the par value of
said common or preferred stock. esti-
mate and appraise the capital stock of
such limited partnership or corporation
upon which no dividend has been made
or declared, or upon the par value of
which the dividend or dividends made
or declared amounted to less than 5
per centum at its actual value in cash,
not less, however, than the average
price which said stock sold for during
said year, and not less than the price
or value as indicated or measured by
the amount of the dividends made or
declared; and when the same shall have
been so truly estimated and appraised
they shall forthwith forward to the
auditor general a certificate thereof,
accompanied by copy of their said
oath or affirmation; by them signed
and attested by the magistrate or other
person qualified to administer the same.
If the auditor general or state treasur-
er, or either of them are not satisfied
with the valuation returned, they are
authorized to make valuation thereof
with the right to appeal by the corpor-
ations.
Section 23 provides penalty of 10
per centum to be added to the tax if
the reports are not furnished to the
auditor general on or before the 3lst
day of December in each and every
year, and for possible forfeiture OF
charter if reports are not made for three
successive years.
| TAXATION OF DIVIDENDS.
Section "a provides that any limited
partnership, association and corpor
alton, except banks and foreign insur
ance companies, shall pay annually 6
corporation or franchise tax, to be com
puted as follows, namely: On a divi
dend of s or more than per centun
on the par value of its capital stock il
shall pay at the rate of mill upon the
capital stock for each per cent. Of
dividend; if no dividend be declared
or if the dividend made do not amount
to s per cent. of the par value of the
capital stock, the tax to be at the rate
of 3 mills upon each dollar of sale
stock. When any such company shal
have common and preferred stock
then the tax shall be at the same rate.
as above on the stock on which divi
dends amounting to over 5 per cent
have been paid, and on that on which
no dividends have been declared or I
dividend not amounting to per cent
This tax shall be paid within fifteer
days from December of each year
When any corporation pays dividend
amounting to not less than per cent
but less than per cent, the tax shal
be at the rate of 8 mills upon the pal